In its largest round of funding yet, point of sale (POS) technology company ShopKeep POS closed on $65 million in combined debt and equity funding, bringing its total funding to just over $72 million.
The investment was led by Tribeca Venture Partners and included all of the New York-based company’s major existing investors. New contributors include First Data Corporation and Salesforce Ventures. The debt portion of the round comes from ORIX Growth Capital and Square 1 Bank.
“We are extremely fortunate to be backed by some of the top investors in both fintech and SaaS. With the latest investments from Salesforce Ventures and First Data, ShopKeep has firmly established its position as a leader in SaaS based point-of-sale and payment platforms,” said ShopKeep CEO Michael DeSimone.
Founded in 2008, ShopKeep offers iPad-based POS software for retail, restaurants, and franchises. Not only does the technology process transactions and payments, it also offers inventory tracking, staff management, marketing capabilities, and provides reporting and analytics tools. The company will use the funds to boost its Android-based platform, which it launched in May of this year; expand ShopKeep Capital, an initiative that provides working capital to ShopKeep customers; and explore international markets.
“With our recurring revenue almost tripling in the past 3 years, the small business community continues to show incredibly promising – and accelerating – growth potential. ShopKeep will continue working tirelessly to deliver small business owners with technology and digital tools to fuel their businesses and compete in today’s marketplace at all levels,” DeSimone added.
ShopKeep is headquartered in New York City, with offices in Oregon, Illinois, and Belfast. The company’s founder Jason Richelson demoed the point-of-sale platform at FinovateSpring 2012. ShopKeep processes more than 289 million transactions for 25,000 merchant clients across the U.S.